What are the Hottest iGaming Trends for 2023? SOFTSWISS shares expert industry report
Local regulation, metaverse gaming and data privacy as a priority – these are some crucial industry trends for the current year according to SOFTSWISS, a leading innovative tech provider for iGaming with 10+ years of expertise. The company has analysed the results and market changes in 2022 to share a data-driven report on the Hottest iGaming Trends for 2023.
The reported trends are based on the data from 600+ SOFTSWISS clients, expertise of the key company specialists, and industry experts survey results.
PAYMENTS AND LICENSING
60% of the third-party experts surveyed by SOFTSWISS named Payments and Licensing as the most crucial category influencing the iGaming industry.
In 2023, more markets worldwide are expected to become locally regulated.
In terms of payments, operators need to ensure the abundance of well-established payment options and localisation of financial modules.
As for digital coins, cryptocurrencies see a wider adoption, as many countries are beginning to recognise and integrate them into their financial systems. The latest example is Ukraine launching e-hryvnia issued by the NBU.
When it comes to the player behaviour trends, operators are predicted to shift their focus from product-centric to user-centric business models. The commitment and effort to solve players' issues will pay off through improved player retention metrics and increased loyalty.
One more player trend outlined based on the SOFTSWISS Casino Platform clients' data is the increasing popularity of live dealer games with crypto users. The market will give preference to this type of games, considering it as a more valuable proposition.
As for sports betting projects, the SOFTSWISS Sportsbook statistics demonstrate that 66% of bets are placed during live events against 34% of those placed in advance. This adds weight to the technical sustainability of platforms and drives the need for high quality live broadcasts.
In 2023, gamification, as one of the main player engagement growth directions, will continue to proliferate in the industry with meta-casinos, jackpot campaigns and innovative bonuses.
The latter will also find their use in regulating at-risk gambling activities and protecting overspending players. The detailed review of all gamification trends is given in the report.
Max Trafimovich, Chief Commercial Officer at SOFTSWISS adds: "However, it is not the innovative technologies only that are capable of engaging the audience. The inclusion of retention and reactivation practices in project operations also affects the growth of key casino metrics. By treating each player as a VIP bettor, we not only maximise the player LTV, but also increase the overall audience loyalty. For example, in 2022 the SOFTSWISS Reactivation team discovered that their outgoing interactions reduced player churn rate by 50%. "
In the context of GDPR and data security, the main Data Privacy as a priority trend will develop in several sub-trends further detailed in the report.
In 2023, the emphasis will also be laid on the Responsible Gambling practices, such as preventing affective behaviour, dealing with already problematic players, and managing marketing activities.
In addition to the player care security trends, 2023 will see improved fraud prevention with advanced ML-powered tools.
Andrey Starovoitov, Co-CEO at SOFTSWISS summarises the report trends: "The fast-growing iGaming market generates plenty of trends stemming from various business areas. And it's rather a challenge to monitor and follow each of them. To be a leading casino or sports betting operator, we suggest leveraging all existing business opportunities. In 2023, that starts with the integration of innovative solutions for deep project analytics, and player engagement tools. Another thing is to choose a reliable software provider who offers deep data-driven market expertise, flexible products, top-level service, and is capable of ensuring security."
SOFTSWISS will be showcasing at ICE London 2023 on 7–9 February at stand N8-231, where the company experts will be presenting SOFTSWISS' technology solutions and product updates.